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Pool Corporation Announces an Increase in Its Share Repurchase Program, Growth of Its Quarterly Cash Dividend and 2024 Annual Meeting of Stockholders Voting Results
Pool announced an increase in its share repurchase program to $600.0 million, adding $316.2 million to the existing program. Additionally, the quarterly cash dividend was raised by 9% to $1.20 per share. The company's strong dividend growth history was highlighted, with this being the 19th increase since 2004. The Annual Meeting of Stockholders resulted in the election of directors and positive votes on key matters.
Pool ha annunciato un incremento del proprio programma di riacquisto di azioni portandolo a 600 milioni di dollari, con un aggiunta di 316,2 milioni al programma esistente. Inoltre, il dividendo trimestrale in contanti è stato aumentato del 9% arrivando a 1,20 dollari per azione. È stata sottolineata la solida storia di crescita dei dividendi della società, con questo che rappresenta il diciannovesimo aumento dal 2004. L'Assemblea Annuale degli Azionisti ha portato all'elezione dei direttori e a voti positivi su questioni chiave.
Pool anunció un aumento de su programa de recompra de acciones a 600 millones de dólares, añadiendo 316,2 millones al programa existente. Adicionalmente, el dividendo en efectivo trimestral se incrementó un 9% a 1,20 dólares por acción. Se destacó el fuerte historial de crecimiento en los dividendos de la compañía, siendo este el decimonoveno aumento desde 2004. La Reunión Anual de Accionistas resultó en la elección de directores y votos positivos en temas clave.
Pool은 자사의 주식 매입 프로그램을 6억 달러로 증가시켰으며 기존 프로그램에 3억 1620만 달러를 추가하였습니다. 또한 분기별 현금 배당금을 주당 1.20달러로 9% 인상하였습니다. 회사는 2004년 이래로 19번째 배당금 증가를 강조하며 강한 배당 성장력을 보여주었습니다. 주주총회에서는 이사 선출과 주요 안건에 대한 긍정적인 투표 결과가 있었습니다.
Pool a annoncé une augmentation de son programme de rachat d'actions à 600 millions de dollars, ajoutant 316,2 millions de dollars au programme existant. De plus, le dividende trimestriel en espèces a été augmenté de 9 % à 1,20 dollar par action. L'histoire solide de la croissance des dividendes de l'entreprise a été mise en évidence, avec cette augmentation qui est la dix-neuvième depuis 2004. L'Assemblée Générale Annuelle des Actionnaires a résulté dans l'élection de directeurs et de votes positifs sur des points clés.
Pool kündigte eine Erhöhung seines Aktienrückkaufprogramms auf 600 Millionen Dollar an, wobei 316,2 Millionen Dollar zum bestehenden Programm hinzugefügt wurden. Zusätzlich wurde die vierteljährliche Barausschüttung um 9% auf 1,20 Dollar pro Aktie erhöht. Die starke Dividendenwachstumsgeschichte des Unternehmens wurde hervorgehoben, mit dem 19. Anstieg seit 2004. In der jährlichen Hauptversammlung der Aktionäre führten die Wahlen der Direktoren und positive Abstimmungen zu Schlüsselthemen.
Positive
Strong increase in share repurchase program to $600.0 million, demonstrating commitment to returning cash to shareholders.
Quarterly cash dividend raised by 9% to $1.20 per share, reflecting the company's consistent dividend growth.
Positive history highlighted with the 19th increase in quarterly dividend payment since 2004.
Election of directors at the Annual Meeting of Stockholders for the ensuing year, ensuring leadership continuity.
Positive votes on key matters at the Annual Meeting, including the retention of Ernst & Young LLP as the independent registered public accounting firm.
Negative
None.
Insights
Pool Corporation's increase in its share repurchase program by $316.2 million, resulting in a total of $600 million, suggests a strong confidence from management in the company's intrinsic value and liquidity. Share buybacks typically indicate that the company believes its shares are undervalued and is a way to return value to shareholders, which can be a positive signal to investors. The 9% increase in the quarterly cash dividend to $1.20 per share also demonstrates Pool Corporation's commitment to providing consistent shareholder returns. For investors, these actions can imply a bullish outlook from the company's leadership regarding future earnings. However, it is important to consider the opportunity cost of these repurchases, as the funds could alternatively be used for strategic investments or debt reduction.
Considering the broader market and the pool industry dynamics, the company's move to increase dividend payouts and buy back shares serves as a potential indicator of its competitive positioning. The pool and spa industry is influenced by factors such as housing trends and consumer discretionary spending. With Pool Corporation's progressive dividend increases marking the 19th since 2004, it can be inferred that they have sustained cash flow to support such shareholder-friendly actions. This can also be perceived as a sign of stable demand within the industry. Investors might see this as a positive trend, but it's important to balance this view by monitoring broader economic indicators that could affect consumer spending on home improvement and pool maintenance.
COVINGTON, La., May 01, 2024 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) announced today that its Board of Directors (the Board) has authorized an increase in the company’s share repurchase program to $600.0 million. As of May 1, 2024, this adds $316.2 million to the $283.8 million remaining under its existing share repurchase program for the purchase of the company’s common stock in the open market at prevailing market prices. The share repurchase program will continue until otherwise modified or terminated by the Board at any time in its sole discretion.
The company also announced that the Board has declared a quarterly cash dividend of $1.20 per share, a 9% increase over the previous quarterly dividend amount of $1.10 per share. The dividend is payable on May 30, 2024 to stockholders of record on May 16, 2024. As of April 30, 2024, there were 38,329,420 shares of common stock outstanding.
John Stokely, Chairman of the Board, commented, “We have a strong record of growing our dividend over time and today marks the 19th time that POOLCORP has increased its quarterly dividend payment since 2004. The expansion of our quarterly dividend payment and share repurchase authorization allows us to continue our trajectory of returning cash to shareholders. Throughout our history, we could not have accomplished all that we have without the enduring support from our shareholders. We look forward to investing in the future growth of our business and continuing to create exceptional value for our shareholders, customers, suppliers and employees.”
At POOLCORP’s Annual Meeting of Stockholders on May 1, 2024, stockholders elected Peter D. Arvan, Martha “Marty” S. Gervasi, James “Jim” D. Hope, Debra S. Oler, Manuel J. Perez de la Mesa, Carlos A. Sabater, John E. Stokely and David G. Whalen to serve as directors for the ensuing year.
At the Annual Meeting of Stockholders, stockholders also:
ratified the retention of Ernst & Young LLP as the independent registered public accounting firm of the company for the 2024 fiscal year; and
approved the compensation of the company’s named executive officers as disclosed in the Proxy Statement (the advisory say-on-pay vote).
About Pool Corporation
Pool Corporation is the world’s largest wholesale distributor of swimming pool and related backyard products. POOLCORP operates approximately 440 sales centers in North America, Europe and Australia through which it distributes more than 200,000 products to roughly 125,000 wholesale customers. For more information about POOLCORP, please visit www.poolcorp.com.
Forward-Looking Statements
This news release may include “forward-looking” statements that involve risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including the sensitivity of our business to weather conditions; changes in economic conditions, consumer discretionary spending, the housing market, inflation or interest rates; the extent to which home-centric trends continue to moderate or reverse and other risks detailed in POOLCORP’s 2023 Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the Securities and Exchange Commission (SEC).
Investor Relations Contacts:
Kristin S. Byars 985.801.5153 kristin.byars@poolcorp.com
Curtis J. Scheel 985.801.5341 curtis.scheel@poolcorp.com
